Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.
Trading signal occurs in sETF model portfolio: Sell IEZ, Buy IAT
Stocks took a breather with major indices ended the week flat. Quarterly company earning reports and jobless claims during the week all indicated that the economy is transitioning back to post pandemic conditions. News about doubling the capital gain tax to fund President Biden's plan did rattle the investors' sentiment. However, stocks recovered some after investors' realization that with congress negotiation the increase won't be as high as what will be proposed. For the week, S&P 500 index went down 0.13% to 4180, Dow Jones Industrial Average lost 0.46%, and the technology laden NASDAQ composite index decreased 0.25%.
Instead of parabolic rise, S&P 500 index went side way this past week giving the 28 week EMA time to catch up. It is the preferable price movement that we would like to see for sustainable advance. Our cautiously positive outlook remains the same as the index is still above its 28 week EMA and its momentum indicator still stay above 80.
A trading signal occurs in sETF model portfolio this week to move from energy related IEZ to banking related IAT. This is consistent with the trading signal occurred last week for SELECT due to sector rotation. We have held IEZ for 126 days with gain of 7.38%.
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| Weekly chart of S&P 500 index |
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